A friend of mine wants to buy a car and put the title in my name to avoid having to give up ownership in a possible divorce. What are the potential problems in this type of deal? Below are the specifics of the agreement.
1. He will pay cash for the car.
2. He will place a lien on the title to protect his position.
3. He will pay for the car insurance.
4. I won't be using the car at all.
What are the potential liability issues? Should he buy any other type of insurance or is regular car insurance good enough? Any other problems to consider? I would do this for him but I don't want to get myself into more problems than it's worth. Thanks for your help with this matter.
1 Answer from Attorneys
None of the above (in my opinion) would protect you as the titled owner of this vehicle from a possible lawsuit
in the event that this verhicle was in an accident and the driver was found to be at fault.
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